Suffolk Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Suffolk Building Society and to assist in remaining on the Suffolk Building Society Conveyancing Panel.

Suffolk Building Society Solicitor Panel Assistance:

What are the Suffolk Building Society conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements. The Special Requirements state:

The Society operates a Conveyancing Panel and in order for Firms to act for the Society you must be appointed to this panel. To be appointed to the panel you should apply at:-
 www.lms.com/lenderpanels
 

You must also comply with the terms and conditions of your Suffolk Building Society solicitor panel appointment.

Are Suffolk Building Society Conveyancing panel solicitors exposed to the possibility of the society amending or withdrawing the loan offer?
Suffolk Building Society addresses this at section B.3 of their BSA specific requirements which states:

The Society will consider the value of the cashback or incentive against the proposed loan to value in order to make a decision whether to amend or withdraw the Mortgage Offer

Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel ?
Many estate agents are feeling the pain if their clients start out on the conveyancing process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors lawyers.
Are there conditions, outside the BSA Mortgage Instructions, that a firm should be aware of when on the Suffolk Building Society conveyancing panel?
In order to be on the Suffolk Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Suffolk Building Society) are as follows:
  • To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
  • Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
  • To forward the title deeds and documents to another conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
  • That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
  • To quote on all communications with us relating to deeds issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
Who do building societies include on their approved solicitor panel?
In the same way that there is a unique Suffolk Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.

Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.

I seldom receive a copy of a lender valuation any more. Do my Suffolk Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Suffolk Building Society as the lender?
You have a number of obligations in this regard which are to be followed if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to their old address.
The CML Handbook includes instructions for a property with a solar panel. Suffolk Building Society do not seem to have any similar obligations via the BSA Mortgage Instructions. Is this right?
The BSA Mortgage Instructions don't specifically deal with Solar Panels but it would be prudent as approved solicitors for Suffolk Building Society to raise the issue with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you need to raise the appropriate questions for your buyer client.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of frequency of questions. The most popular lender panels in terms of questions are as follows:

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Average number of days to register title including a charge in favour of Suffolk Building Society
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor